Thanks for this direct info, Le Penseur! It's becoming clearer and clearer as the dust is breaking up.

"After tonight at 2400hrs, Cliff's next move could be to upgrade the offer or to let us linger and make us beleive that they might withdraw the offer, on the chance that this will scare some more shareholders into selling on the open market. Conversely they are in a conflicted position because they are majority shareholders in KWG and defeat their own purpose if they do anything to force the KWG SP lower."

I'm not expecting Cliffs to upgrade the Offer. They will rather go with usual techniques, as stated in the 31 May Take-over Circular. A 'Compulsory Aquisition' if they get 90%, or if not, a 'Second Stage Transaction' - Arrangement, 3-way Amalgamation, going-private resolution, etc...- In any cases, we (ie our friend KWG and us!) will have our dissenting right available.

And Cliffs cannot withdraw the Offer. Shares tendered to them are theirs forever! And they now have to cope with 'us'!

As to Cliffs 'conflicted position' as regards to KWG holding, Cliffs may, as announced lately, be actually reducing its position to somewhere near 9% or 4.5 % (I don't know really the ins and outs of the Rules, someone can help? Hoov?) Just a guess of mine...

NR would probably come out Monday or so. Cliffs' updating % tendered, and KWG's following up on their actions to increase value, drillings, RR, etc...

Very happy to be still in for the second match!

Thanks again for your inputs, LP, these are very precious at this time.

GLTA.

BaBe.